Written by Margee Ensign, CNN
Two properties where WE Charity, an organization that works with children affected by HIV and AIDS, is based recently sold for $36 million, according to the group. The real estate was originally purchased for $69 million in 2016.
CNN previously reported that a representative of the organization had viewed the buildings one year after the sale for $74 million. However, not all of the properties sold successfully. Three of the properties sold “for a loss to WE Charity,” according to the organization.
“The atmosphere is one of sadness and mostly frustration,” said Erica Pearce of Rogers Olins, which helped find buyers for the properties. “They’re sort of going through a grieving process, like how many buildings do you need to operate for a building to be overused?”
Founded in 1988, WE Charity operates health clinics in nine countries where AIDS is endemic. The organization partners with the Kenyan government to bring health care to the areas where AIDS-related deaths exceed 10,000 per year.
The organization added four new clinics in Ghana, Nigeria and Congo during the past year and is nearing a $12 million fundraising goal to support these projects.
“The fundraising that we’ve done so far in 2018 has significantly financed our expansion, which allows us to expand to other countries,” said Judith Likman, executive director and chief executive officer of WE Charity.
The organization’s funding from the sale of its real estate comes from the sale of city-owned properties in Toronto.
The organization is a nonprofit corporation with two full-time employees and two part-time employees.